DOGE is a peculiar digital asset that was conceived as a practical joke and turned into a massive success story.
Great power means great responsibility, as one famous comic character once said. It is particularly true for Dogecoin, which had to adapt to the new reality of being one of the biggest tokens in the crypto market.
Developers behind DOGE had to implement new features and anti-inflationary mechanisms to make sure that the community was getting something out of the project. It changed dramatically over the years and now has a clear roadmap and many new features to justify its price.
The evaluation of the token may still be too high
The FTX collapse made many issues with the crypto domain visible. We cannot deny that it is full of questionable products and badly managed entities that made money thanks to hype and good PR.
It will take some time to get rid of the remnants of this predicament, but it will happen at some point in the future.
Existing projects must accept their fate and become leaner. Development teams across the industry are downsizing and preparing for a very rough period ahead.
Dogecoin is certainly among projects that must focus on perfecting technology and creating something of value. Right now, the market is not sure that the network is capable of adapting.
The DOGE price has been in free fall for the last month. It lost about 10% since the beginning of December, and each negative news story or change of pace in the crypto market made it lose value.
It is possible that the situation will reverse, but the network will have a tough time battling against the competition.
The industry will have many alternatives in 2023
The next year promises to be quite volatile and FUD-inducing. We will see many networks come out with new features and products.
Cardano, Polygon, Bitgert, Solano, Ethereum, and many other networks are rolling out new interesting features in the first quarter of 2023. The old guard will have to withstand this push and prove itself.